From Yahoo Finance: 2025-04-25 05:26:00

China’s Ping An Insurance (Group) reported a 26.4% decline in first-quarter net profit, totaling 27.02 billion yuan, citing reduced investment income. Ping An’s investment income dropped 65% to 10.44 billion yuan in January-March, impacting overall profitability. Despite this, the insurance business remained healthy, with group operating profit rising 2.4% in the same period.

Ping An Bank, a subsidiary of Ping An Insurance, reported a 5.6% drop in first-quarter net profit, contributing to the group’s overall decline in profitability. However, the number of retail customers increased by 1% year to date, reaching 245 million by the end of March. The new business value of the life and health insurance business grew significantly by 34.9% to 12.89 billion yuan.

Ping An Insurance is the largest shareholder in global banking group HSBC. Despite a tumultuous relationship in recent years, Ping An co-CEO Michael Guo expressed satisfaction with HSBC’s new strategic direction under CEO Georges Elhedery. HSBC’s recent shift to focus on Asian corporate clients over Western companies reflects growing geopolitical tensions and changing market dynamics.



Read more at Yahoo Finance: Ping An Insurance’s first quarter profit hit by slump in investment income